RTTNews | May 17, 2021 04:40PM EDT

16:39 Monday, May 17, 2021 (RTTNews.com) - Shares of Ultralife Corp. (ULBI) surged over 35% on Monday's extended session after the company said it received a contract for its wearable batteries from the U.S. Army that could be worth up to about $520 million.

ULBI closed Monday's trading at $8.51, up $0.14 or 1.67%, on the Nasdaq. The stock further gained $2.99 or 35.14% in the after-hours trade.

Ultralife said it received a firm-fixed price indefinite-delivery/indefinite-quantity contract from the U.S. Army for purchases of Conformal Wearable Batteries not to exceed $168 million during the three-year base award period with the potential for up to an additional $350 million should the six one-year option periods be exercised.

The timing of deliveries and quantities are at the discretion of the U.S. Army, and include successful completion of First Article Testing demonstrating full compliance with the contractual product specifications and program requirements.

Ultralife's contract was awarded as part of a $1.25 billion multiple-award contract for Conformal Wearable Batteries being developed under the U.S. Army's Tactical Power Generation Program.

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